MSC Industrial Supply on Tuesday reported a double-digit jump in sales in its latest financial quarter and touted “growing momentum” heading into the latter half of its fiscal year.
The Long Island-based metalworking and MRO distributor reported $962 million in net sales in its fiscal second quarter, up 11.5% from the $862 million posted in the same period last year. Income from operations climbed 17.6% during that span, while its operating margin climbed from 11.3% to 11.9%. Diluted earnings per share were up nearly 13% to $1.41.
Company executives highlighted a fourth consecutive quarter of double-digit average daily sales growth and said MSC benefited from ongoing changes designed to “leverage company-specific growth.” The company maintained its earlier projections for the full fiscal year, but said it expects to begin seeing results from a reoriented category management strategy late in the year — with “most of the benefits materializing in fiscal 2024.”
“As we move into the back half of our fiscal 2023, there is growing momentum inside MSC which has us all excited about our future,” MSC President and CEO Erik Gershwind said in a statement. “The marketplace in which we operate has attractive dynamics and a significant total addressable market to support continued expansion.”
MSC came in at no. 7 on ID’s latest Big 50.
